MeritValue

UNITED MICROELECTRONICS CORP

UMCdata completeness 88%8 fiscal years on file
The thesis, from the filings

UNITED MICROELECTRONICS CORP earns about 32% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $0.42 and $1.47 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$6.3B1$7.68B2$9.07B3$7.27B4$7.08B5
Net income$814.1M6$1.85B7$2.91B8$1.95B9$1.49B10
Operating cash flow$2.34B11$3.26B12$4.75B13$2.81B14$2.86B15
Capital expenditure$938.2M16$1.73B17$2.61B18$2.99B19$2.7B20
Free cash flow (derived)$1.4B11,16$1.53B12,17$2.14B13,18−$178.8M14,19$162.5M15,20
Total debt—————
Cash & equivalents$3.39B21$4.32B22$5.68B23$4.04B24$3.2B24
Diluted shares12.42B12.48B12.50B12.53B12.56B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.87
your share of equity
Profit it earned you last year
$1.18
Free cash flow it threw off
$0.13
Debt you’d be carrying
—

10 shares is a claim on $8.87 of net worth that earned you $1.18 and generated $0.13 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
32% avg · 5y
FY20 16%FY21 35%FY22 61%FY23 27%FY24 19%

It earned about 32% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0

The 3 estimate methods that apply put fair value between $0.42 and $1.47 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a conservative ceiling on what a defensive investor should pay, not a target.

DCF · Growth Exit 10Y
$0.42
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period10 years
  • FCF growth0.0%
  • Starting free cash flow$162.5M
DCF · Growth Exit 5Y
$0.43
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period5 years
  • FCF growth0.0%
  • Starting free cash flow$162.5M
Earnings Power Value
$1.47
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$1.85B
  • Growth assumed0.0%
Graham Number
$1.55
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)9.27%
Terminal growth2.5%
At your growth, a share is worth $0.43
The three cases
Bear0.0%$0.43
Base0.0%$0.43
Bull5.0%$0.47

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

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Sources — the receipts
  1. 20-F filed 2021-04-29 · period ending 2020-12-31 · accession 0001564590-21-021578 (Revenue)
  2. 20-F filed 2022-04-28 · period ending 2021-12-31 · accession 0001193125-22-125284 (Revenue)
  3. 20-F filed 2023-04-27 · period ending 2022-12-31 · accession 0001193125-23-119772 (Revenue)
  4. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0001193125-24-111429 (Revenue)
  5. 20-F filed 2025-04-24 · period ending 2024-12-31 · accession 0001193125-25-092142 (Revenue)
  6. 20-F filed 2021-04-29 · period ending 2020-12-31 · accession 0001564590-21-021578 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F filed 2022-04-28 · period ending 2021-12-31 · accession 0001193125-22-125284 (ProfitLossAttributableToOwnersOfParent)
  8. 20-F filed 2023-04-27 · period ending 2022-12-31 · accession 0001193125-23-119772 (ProfitLossAttributableToOwnersOfParent)
  9. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0001193125-24-111429 (ProfitLossAttributableToOwnersOfParent)
  10. 20-F filed 2025-04-24 · period ending 2024-12-31 · accession 0001193125-25-092142 (ProfitLossAttributableToOwnersOfParent)
  11. 20-F filed 2021-04-29 · period ending 2020-12-31 · accession 0001564590-21-021578 (CashFlowsFromUsedInOperatingActivities)
  12. 20-F filed 2022-04-28 · period ending 2021-12-31 · accession 0001193125-22-125284 (CashFlowsFromUsedInOperatingActivities)
  13. 20-F filed 2023-04-27 · period ending 2022-12-31 · accession 0001193125-23-119772 (CashFlowsFromUsedInOperatingActivities)
  14. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0001193125-24-111429 (CashFlowsFromUsedInOperatingActivities)
  15. 20-F filed 2025-04-24 · period ending 2024-12-31 · accession 0001193125-25-092142 (CashFlowsFromUsedInOperatingActivities)
  16. 20-F filed 2021-04-29 · period ending 2020-12-31 · accession 0001564590-21-021578 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 20-F filed 2022-04-28 · period ending 2021-12-31 · accession 0001193125-22-125284 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  18. 20-F filed 2023-04-27 · period ending 2022-12-31 · accession 0001193125-23-119772 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  19. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0001193125-24-111429 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  20. 20-F filed 2025-04-24 · period ending 2024-12-31 · accession 0001193125-25-092142 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  21. 20-F filed 2022-04-28 · period ending 2020-12-31 · accession 0001193125-22-125284 (CashAndCashEquivalents)
  22. 20-F filed 2023-04-27 · period ending 2021-12-31 · accession 0001193125-23-119772 (CashAndCashEquivalents)
  23. 20-F filed 2024-04-25 · period ending 2022-12-31 · accession 0001193125-24-111429 (CashAndCashEquivalents)
  24. 20-F filed 2025-04-24 · periods ending 2023-12-31, 2024-12-31 · accession 0001193125-25-092142 (CashAndCashEquivalents)